I've been using Chromecast since a year now and it works for my requirement. Streaming local videos from PC doesn't work well but streaming local content from phone works well. I use Localcast app to stream TV shows/movies from my HDD connected to my router and it streams without issues. Seeking videos was a pain via my older TP-Link W8968 300mbps router. It's much much better after I upgraded to a Netgear R7000Nighthawk Wireless AC router. Youtube streaming works fine. In fact YouTube on Chromecast streams on a higher resolution without buffering than playing on PC/Phone on the same internet connection.
Jusy keep in mind that Chromecast supports only limited local file formats. AVI, MKV files won't work. MP4 files work.
VideoCaster App from Windows Store or VideoStream Chrome App is what I use to stream PC content
Apart from this, I use PlayTo Chrome App to stream video from Webpages
And then ofcourse there is Youtube
Occasionally use Wynk for music & the odd video from Dailymotion.
There are other premium apps which you can use like ErosNow, Spuul etc who have bollywood content & I had used the free trail subscription a couple of times..
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